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givi [52]
2 years ago
12

Peterson Company's petty cash fund was established on January 1 with $500. On January 31, a count of the fund revealed: $105 in

cash remaining and vouchers for miscellaneous expenses totaling $400. If the entries to record the disbursements and to replenish the fund are combined, what effect will the resulting entry have on the elements of the’ financial statements?
Business
1 answer:
mr_godi [17]2 years ago
7 0

Answer:

(395) NA (395)NA 400 (395)(395) OA

Explanation:

Data provided in the question  

Petty cash fund balance = $500

Remaining cash balance = $105

Vouchers for miscellaneous expenses = $400

Sp by considering the above information, the effect would be and the balance would be  

= Petty cash fund balance - remaining cash balance

= $500 - $105

= $395

So the effect would be recorded as an operating activity for $395 plus it also records the miscellaneous expense for $400 and another financial statement is also affected  

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Vanyuwa [196]

Answer:

Yield to maturity is 6.6%

Explanation:

Yield to maturity is the annual rate of return that an investor receives if a bond bond is held until the maturity.

Face value = F = $1,000

Assuming Coupon payments are made annually

Coupon payment = $1,000 x 8% = $80

Selling price = P = $1,100

Number of payment = n = 13 years

Yield to maturity = [ C + ( F - P ) / n ] / [ (F + P ) / 2 ]

Yield to maturity = [ $80 + ( 1000 - 1100 ) / 13 ] / [ (1,000 + 1100 ) / 2 ]

Yield to maturity = [ $80 - 7.7 ] / 1100 = $72.3 /1100 = 0.066 = 6.6%

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3 years ago
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5 0
3 years ago
Which of the following statements best describes accounting for a partnership?
svetlana [45]

Answer:

B. A partnership may use federal income tax rules to account for transactions in their journals and ledger accounts.

Explanation:

There is a lot of difference in accounting of normal partnership firms and that of non profit organisations.

Simply a partnership firm cannot be formed as a non profit entity.

A partnership can use any federal laws in compliance and do accounting entries in accordance with them.

The partnership equity section only contains partner's capital account as there are no retained earnings section.

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Answer:

D.

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